Insituform Technologies, Inc. (NASDAQ Global Select Market: INSU)
announced today that the Mexican national oil and gas company Petróleos
Mexicanos ("Pemex”) has awarded an additional $13.9 million contract to
United Pipeline de Mexico, S.A. de C.V. ("UPM”), Insituform’s Mexican
joint venture. This contract complements Insituform’s award of a $12.4
million pipeline project for Pemex which was announced in September 2009.
As with the initial contract announced in September, it is expected that
Insituform will utilize its subsidiaries to provide additional services
required for this project. Corrpro Companies, Inc. will provide
installation of a cathodic protection system and The Bayou Companies.
Inc. will provide prefabrication services for skid-mounted equipment.
Dorwin Hawn, Vice President – United Pipeline Systems for Insituform,
said, "By contracting this work simultaneously with the associated
pipeline construction and rehabilitation activities, this additional
project allows Pemex to benefit from improved economies of scale.”
The 2009 acquisitions of Corrpro and Bayou have led to a broader product
and service offering and augment Insituform’s United Pipeline Systems’
division. "Pemex has quickly realized the value of Insituform’s family
of companies in our Energy and Mining division and we’re pleased to see
this coordinated effort benefits our customer,” remarked J. Joseph
Burgess, Insituform’s President and CEO. Project Management will be
handled by UPM from its offices in Poza Rica, Veracruz.
Work on this project, which is expected to begin in November and take
approximately 24 months to complete, will be performed simultaneously
with the associated pipeline infrastructure work awarded in September.
This project includes building and connecting pipelines and associated
infrastructure to tie in the well production and process oil produced in
various districts of Mexico’s Chicontepec oil region.
About United Pipeline de Mexico
UPM is a joint venture between United Pipeline Systems, a division of
Insituform, and Miller Pipeline de Mexico, a pipeline and infrastructure
construction company serving the natural gas, oil, water and
telecommunication markets of Mexico. UPM offers pipeline construction,
protection and rehabilitation services throughout Mexico.
About Bayou Companies
Bayou was acquired by Insituform Technologies, Inc. in February 2009.
Bayou is a leading provider of cost-effective solutions to onshore and
offshore energy and infrastructure companies primarily in North America
and the Gulf of Mexico. Bayou’s products and services include internal
and external pipeline coating, lining, weighting and insulation. Bayou
also provides specialty fabrication and services for offshore deepwater
installations, including project management and logistics. More
information about Bayou can be found on its internet site at www.bayoucompanies.com.
About Corrpro Companies
Corrpro was acquired by Insituform Technologies, Inc. in March 2009. For
over 25 years, Corrpro has been a leading provider of cathodic
protection systems and engineering services. As a subsidiary of
Insituform Technologies, Inc., Corrpro offers corrosion solutions for
every industrial market including pipeline, refinery, above and
underground storage tanks, water, wastewater, concrete, infrastructure,
offshore, and marine. More information about Corrpro can be found on its
internet site at www.corrpro.com.
About Insituform Technologies
Insituform Technologies, Inc. is a leading worldwide provider of
proprietary technologies and services for rehabilitating sewer, water,
energy and mining piping systems and the corrosion protection of
industrial pipelines. More information about Insituform can be found on
its internet site at www.insituform.com.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor” for forward-looking statements. The Company makes
forward-looking statements in this news release that represent the
Company’s beliefs or expectations about future events or financial
performance. These forward-looking statements are based on information
currently available to the Company and on management’s beliefs,
assumptions, estimates or projections and are not guarantees of future
events or results. When used in this document, the words "anticipate,”
"estimate,” "believe,” "plan,” "intend,” "may,” "will” and similar
expressions are intended to identify forward-looking statements, but are
not the exclusive means of identifying such statements. Such statements
are subject to known and unknown risks, uncertainties and assumptions,
including those referred to in the "Risk Factors” section of the
Company’s Annual Report on Form 10-K for the year ended December 31,
2008, as filed with the Securities and Exchange Commission on March 2,
2009, and in our subsequent quarterly reports on Form 10-Q. In light of
these risks, uncertainties and assumptions, the forward-looking events
may not occur. In addition, our actual results may vary materially from
those anticipated, estimated, suggested or projected. Except as required
by law, we do not assume a duty to update forward-looking statement,
whether as a result of new information, future events or otherwise.
Investors should, however, review additional disclosures made by the
Company from time to time in its periodic filings with the Securities
and Exchange Commission. Please use caution and do not place reliance on
forward-looking statements. All forward-looking statements made by the
Company in this news release are qualified by these cautionary
statements.
Insituform®, the Insituform® logo, Bayou™, the Bayou™ logo, Corrpro®,
the Corrpro® logo and the United® logo are the registered and
unregistered trademarks of Insituform Technologies, Inc. and its
affiliates.